The S&P 500 and the Nasdaq hit all-time highs on Wednesday as Joe Biden became the 46th U.S. president, while solid results from Netflix sparked a rally in shares of stay-at-home winners.
Shares of the world’s largest streaming service surged 14% to add more than $30 billion to its market capitalization after it said it would no longer need to borrow billions of dollars to finance its TV shows and movies.
The rest of the FAANG group, due to report results in the coming weeks, jumped with Facebook Inc, Amazon.com Inc, Apple and Google-parent Alphabet Inc rising between 2% and 5%.
The NYSE FANG+TM index gained 3.8%.
“People are back to looking at technology as a part of the market that can do well whether COVID stays a problem or is eventually pushed to the side,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.
Biden will waste little time turning the page on the Trump era, aides said, signing a raft of 15 executive actions in the afternoon on issues ranging from the COVID-19 pandemic to the economy to climate change.
The Dow has gained about 57% since Donald Trump assumed office on Jan. 20, 2017, which compares with a…